Ukraine receives $950M from Japan under WB projects

The State Budget of Ukraine received about $950 million from Japan as part of World Bank projects for recovery and social protection.

This is reported by the Ministry of Finance of Ukraine, Ukrinform saw.

"The funds will be used to reimburse the expenditures of the state budget of Ukraine for urgent and priority needs, in particular in the field of recovery and social assistance," the Ministry of Finance said.

The funding consists of a $52.4 million grant from Japan under the Housing Repair for People's Empowerment (HOPE) project and a $900 million loan from the Japanese government through the Investing in Social Protection for Inclusion, Resilience, and Efficiency (INSPIRE) project.

As reported, the INSPIRE project is funded by a $1.2 billion loan from the World Bank from the Advancing Needed Credit Enhancement for Ukraine Trust Fund (ADVANCE Ukraine), with the support of the Government of Japan, and aims to provide social protection to vulnerable populations during and after the war.

The goal of the HOPE project is to rebuild infrastructure in the combat-affected areas, de-occupied and affected regions of Ukraine. Funds will also be provided to homeowners for repairs in multi-apartment and private buildings that have sustained moderate damage and do not require major repairs.